the Global Bag on Valve Technology market is expected to grow from $378.62 million in 2016 to reach $538.47 million by 2023 with a CAGR of 5.2%. Increasing focus on product safety, recent technological advancements, and rapid industrialization are some of the major factors favoring the market growth.

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In addition, increasing adoption by end users, cost efficient products are other factors fueling the market growth. However, threat from substitute technologies is posing a challenge for market growth.

Asia Pacific is projected to grow at a faster pace during the forecast period. The growth of this region is attributed to rising levels of disposable income, growing adoption rate of bag on technology from the emerging regions such as China, Japan and India.

By application, pharmaceutical segment is expected to witness remarkable growth rate over the forecast period.

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